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CEMIG S.A. (CIG)
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ShareWe are keeping our Buy recommendation on Companhia Energetica de Minas Gerais, or CEMIG (CIG - Analyst Report). Although the company posted lower-than-expected results for the first quarter of 2009, those results were impacted by a few non-recurring items.
However, the short-to-medium term outlook remains promising as demand for electricity in Brazil keeps growing. Despite the global credit crunch, we still have a reasonably positive outlook for the Brazilian economy in the short term.
Finally, CEMIG has a solid dividend payout, and we believe that the stock is quite undervalued compared to other international electric utilities.
CEMIG S.A. (CIG) : FULL ANALYST REPORT
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Read the full analyst report on CIG
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